If you're in the market for property in Bexley at the moment, you could find that you face tougher competition than usual. That's because Sydney's population recently hit the 200,000 mark, taking many analysts by surprise.
The City of Sydney revealed that around 100 new homes are being completed in the area every week, but as the population rises, they are quickly being snapped up.
Official data from the Australian Bureau of Statistics (ABS) suggests that Sydney's population has practically doubled over the course of 20 years. Back in 1995, the ABS estimated that 101,500 people lived in the city, and it now stands at just over 200,000.
Sydney's lord mayor Clover Moore commented: "I have no doubt we now have 200,000 residents and, with the large number of new units being completed in the city, our population is on track to hit 250,000 by 2022.
"That's three years ahead of earlier forecasts which predicted the city would hit a quarter of a million people in 2025."
However, steps need to be taken to ensure that the needs of these extra people can be met. This means ensuring that transport services are up to scratch, and that educational facilities will be able to keep up with demand.
The latest data from the ABS shows that in September 2014, the population of New South Wales increased 1.4 per cent from a year earlier. This was slightly below the national average of 1.5 per cent.
Natural increase was responsible for 43 per cent of this growth, while the remaining 57 per cent was a result of net overseas migration. All states and territories registered population increases over the 12-month period, although Western Australia's was the highest at 2.1 per cent.
For help finding your next property in the Sydney area, get in touch with the real estate agents at Ray White Carlton.